Not many people know exactly what their pension is invested in. For example, 11 British Columbia public sector pensions have $8 billion in fossil fuels.
Managed by crown corporation British Columbia Investment Management Corporation or BCI, it was quite disturbing to learn the teachers’ pension portion of that is $1.25 Billion.
This would include Pacific Oil and Gas the company behind Woodfibre LNG, who plan to build a pipeline through Squamish and under the Squamish River In fact, the BC Energy Regulator—which seems like just an extension of fossil fuel companies—has issued a permit for Woodfibre LNG to release more than 1,200 litres of contaminated wastewater daily into our environmentally recovered Howe Sound. B.C. teachers are financing this project through our pension investments with Pacific Oil and Gas partners Kunlun Energy, PetroChina and Fortis.
This year marked the hottest in 125,000 years, and while scientists at IPCC are telling governments to transition quickly to renewables with a hard ‘no’ to new fossil fuel developments, the B.C. government and industry continue pushing new LNG projects around the province and our pension investors continue investing in them.
Educators rightfully teach about Reconciliation, and residential schools and celebrate Orange Shirt Day, but, it’s clear by the pension inventory our oil and gas investments perpetuate ongoing colonial violence against Indigenous people through land theft and human rights violations. But then BCI has no Indigenous Rights policy.
Thirty thousand fracking wells mutilate the boreal forest of B.C. accounting for 20% of climate pollution in this province. With a Level 5 drought our pension is financing five oil companies currently fracking in northern British Columbia; Petrobras, Tourmaline, Chevron, ARC Resources and Canadian Natural Resources. Fracking uses millions of litresbof fresh water, leaving contamination and pollution. Even the fossil fuel industry is being warned of the water shortage.
The oil and gas sector is in decline, so divesting from fossil fuels and investing in renewables is good for the planet, our investment security and a liveable Earth. In the words of Riley Hill, written in the BCTF Teacher Magazine on Feb. 24, 2022, it’s time to consider divesting our pensions from fossil fuels—actually, it's long overdue.
Our students need to see the adults creating a world that is safe in every way; a just, equitable place wild with Nature, sweet air to breathe, thriving clear oceans and lush forests—homes for all the animals, including us.
Kim Benson
Squamish
